NEWCASTLE-UPON-TYNE, England, March 28 /PRNewswire/ -- Biosystems Informatics Institute (Bii) and its commercial trading arm, Turbinia Ltd, announced today the further expansion of its senior management team with the appointment of Colin Proudfoot as Chief Financial Officer (CFO). Since qualifying as a chartered accountant in 1985, Colin has gained extensive experience in many aspects of financial control and strategy, including M&A, cross-border tax issues, currency hedging, capital investment in numerous countries, business modelling, strategy development & implementation, capital raising, commercial negotiations and compliance.
"Colin's strong commercial and business background, including both fine chemicals and biotech, makes him an ideal addition to our management team," noted Ian Humphrey-Smith, Chief Executive of Bii and Turbinia. "His experience in a broad base of transactions should prove invaluable as we prepare for our Series A financing round for Turbinia during the course of 2006. We look forward to the contributions towards improved day-to-day management and capital raising that Colin will make as part of Bii/Turbinia."
Colin joins Bii/Turbinia from Xceleron, a VC-backed spin out of the University of York focused on translational medicine, where he was financial director. Prior to Xceleron, he was a business line financial controller for Degussa AG, the maker of fine chemicals. In this role, Colin controlled a budget of some EUR300m p.a. and was responsible for seven sites, including the UK, Germany, France, Canada and China. From 1989-2001, Colin was financial director, first at Sparkprint then at Speciality Filaments. Prior to this, he was Group Finance Controller at UK manufacturing company, Ebac. Colin also possesses several years experience with KPMG, UK as part of its auditing division.
Notes to Editors
About Bii
Biosystems Informatics Institute (Bii) is a new UK research establishment that, along with its commercial trading arm, Turbinia Limited, is focused on the delivery of systems biology and proteomics software tools to enable the development of better drugs and improved healthcare delivery. Through in-sourcing arrangements with Moscow State University, Bii owns exclusive rights to commercialize the services of the world's largest team of PhD-qualified mathematicians with a proven track record in systems biology and dynamic pathway modelling as a value-add to drug development to pharmaceutical partners such as GlaxoSmithKline.
Since its inception, Bii has worked hand-in-hand with Nonlinear Dynamics to develop next generation software solutions in the key market area of proteomics. The Bii boasts links with several regional partners including One NorthEast; and the Universities of Durham, Newcastle, Northumbria, Sunderland and Teesside. For additional information, please visit www.biiuk.com. This initiative is funded by the UK Department of Trade and Industry and One NorthEast.
Biosystems Informatics InstituteCONTACT: For further information, please contact: Ian Humphrey-Smith, PhD,Chief Executive, Biosystems Informatics Institute, Tel:+44-(0)191-211-2587, Email: ianhs@biiuk.com. Mike Sinclair, Director,Halsin Partners, Tel: +44-(0)870-747-0880, Email: msinclair@halsin.com
